Calgary Home Prices Drop Most in Almost 2 Years on Oil Fall

Calgary home prices fell by the most in almost two years, a sign the effects of crude oil below $50 a barrel are beginning to show in Alberta’s largest city.

Resale prices there fell 1.1 percent in December, the fastest drop since February 2013, after a 0.2 percent November decline, according to the Teranet-National Bank Composite House Price Index. The gauge showed prices across 11 major Canadian cities fell 0.2 percent in December. They advanced 4.9 percent from the same month a year earlier.